The latest market report published by Credence Research, Inc. “Neurovascular Devices Market: Growth, Future Prospects, and Competitive Analysis, 2018 – 2026” the global neurovascular devices market was valued at US$ 1,863.0 Mn in 2017 and expected to reach US$ 3,257.1 Mn by 2026 at a CAGR of 6.1% during the forecast period from 2018 to 2026.
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The global neurovascular devices market shows productive growth during the forecast period from 2018 to 2026. Neurovascular devices (such as embolic coils, neurothrombectomy devices, balloon occlusion devices, clot retrievers, flow diversion devices & others) support in the treatment of numerous neurovascular disorders such as cerebral aneurysms, cerebral artery stenosis, intracranial atherosclerotic disease and stroke. Growing medical tourism, increasing elderly population, advancement in top quality medical devices, evolution in minimally invasive surgeries along with new techniques are few external factors driving the global market. Stroke in the indication segment holds the major share in the neurovascular devices market in 2018.
Incidences of movement disabilities is increasing due to upsurge in neurovascular diseases like arteriovenous malformations and brain aneurysm mainly in the elderly population. Commercialization and development of embolization and coiling techniques, advancement in carotid artery angioplasty and stenting, supporting technologies and neurothrombectomy will further spur revenue growth during the forecast period. High costs of devices, lack of healthcare professionals, less awareness about advanced products in developing nations and unstructured reimbursement scenario will restrain the market growth during the forecast period.
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The market in North America and Europe is witnessing steady growth due to the presence of multispecialty hospitals, rehabilitation centers, and availability of trained professionals. Additionally, noteworthy adoption of interventional neurology devices among neurologists and huge presence of neurovascular device manufacturers in the U.S. will drive the growth on a global scale.
Key Market Movements:
- Globally, the neurovascular devices market remains to exhibit a lucrative growth with a CAGR of 6.1% for the period from 2018 to 2026
- Based on the type, the aneurysm coiling & embolization devices segment shows lucrative growth with increasing applications in the end user industry
- Growing number of hospitals, availability of branded devices with improved applications, and growing healthcare spending in the developing nations will further assist the overall growth of the neurovascular devices market globally
- Major players in this vertical are Penumbra, Inc. Phenox GmbH, Stryker, Abbott Laboratories, Terumo Corporation, Merit Medical Systems, Inc., W. L. Gore & Associates, Inc., Johnson & Johnson, MicroPort Scientific Corporation, Delaware Corporation, Rapid Medical, Medtronic plc, and others